Blue Cross and Blue Shield is one of America’s largest health care providers. The “Blue Advantage” that is Blue Cross and Blue Shield’s health care plans are available in all fifty states.
Hubby and I, being small business owners wondered how the crazy, unconstitutional health care bill (that no one read) would affect us. I was floored when I read this Q and A section of BCNS website. OMG, small businesses will go broke trying to meet these requirements! Moreover businesses will be penalized and fined thousands per employee for not complying with this action, not to mention the fact that these penalties will regulated by the dreadfully chaotic and ruthless IRS. This is a very scary and indeed dangerous move for our country. Oh, and I should mention that mega corporations like McDonalds will be granted an exemption. Imagine that!
Check out some of the health insurance facts below, taken directly from the BCBS website.
Does the new law require that all employers offer healthcare coverage?
Beginning in 2014, businesses with 50 or more employees that do not offer coverage and have at least one full-time employee who receives a federal tax credit to purchase health insurance on his own through an Exchange, must pay the federal government a $2,000 per-employee penalty. The first 30 employees would be excluded from this assessment.
Employers with 50 or more employees that do provide coverage, but have at least one full-time employee who receives a federal tax credit to purchase health insurance on his own through an Exchange, will be assessed a penalty that will be the lesser of $3,000 per employee receiving a premium tax credit or $2,000 for each full-time employee, excluding the first 30 employees.
Large businesses – those with more than 200 full-time employees – that offer health insurance will have to automatically enroll workers into a health plan. An employee, however, may choose to opt out of this automatic enrollment into their employer’s health plan.
I own a small business and want to provide health insurance for my employees and their families. Are there subsidies or other assistance to help me afford to coverage?
Many small businesses will be eligible for tax credits of up to 35 percent. Businesses that employ fewer than 25 employees, pay average annual wages of $50,000 and pay at least half the cost of single coverage for their employees may be eligible to receive a tax credit.
Employers with 10 or fewer employees that pay annual average wages of $25,000 or less per year may be eligible for up to a 35 percent tax credit in 2010.
In 2014, the tax credit for eligible small businesses will increase to 50 percent of premiums paid.
Full eligibility details will be provided by the Internal Revenue Service. You should review and discuss the full criteria with a tax professional to determine whether your business will qualify.
Wonder what the Blue Advantage will be in 2014?